thecoinrepublic.com
- 1 Klaytn’s price currently trades at $0.1106 while witnessing a rise of 1.75% during the intraday trading session.
- 2 Klay price has dropped below 20,50,100, and 200-day exponential moving averages.
- 3 The year-to-date return of Klaytn is -27.36%.
Klaytn (KLAY) price has been on a strong downtrend, forming lower lows, after the break of the $0.1480 support level. In mid-June, the cryptocurrency price formed support at $0.1480 and commenced a bullish rally to recover from the losses at the start of June.
The rally was initiated after the release of news regarding BlackRock, an investment management firm, filing for Bitcoin Spot ETF. Klaytn’s price attempted several times to close above $0.18 but was unsuccessful due to the strong presence of bears.
On 16 August 2023, KLAY’s price broke the support level of $0.1480 and firmly declined. The current candle is bullish and striving to form a support at $0.1085. The previous candle closed as a robust and bearish candle.
If the current candle closes as a bullish candle and the next candle can break the current candle, KLAY price will decline toward the next significant psychological level of $0.10. On the other hand, if KLAY’s price can gain bullish momentum, the cryptocurrency price might retest the support turned resistance level of $0.13.
The market capitalization of Klaytn has increased by 0.42% to $351,223,138. The 24-hour trading volume has decreased by 20.81%. KLAY price is down 97.43% from the all-time high of $4.38 and up 96.67% from the all-time low of $0.057.
The combined market capitalization of the crypto market is down 0.17% to $1,069,672,358,589. The 24-hour trading volume of the whole crypto market is down by 18.86%.
Klaytn Collaborates With Injective
Injective, a leading Layer-1 network, has integrated with Klaytn to fully scale its network’s cross-chain interoperability. The partnership will ensure the utilization of KLAY and INJ for several cross-chain-oriented programs.
Native assets from both Klaytn and Injective will be transferable and usable across DApps on either network—starting with INJ on Klayswap and KLAY on Astroport—heralding a new era of interoperability between the two blockchains.
Will KLAY Price Continue Falling?
The cryptocurrency price dropped below 20, 50, 100, and 200-day exponential moving averages, suggesting bearish momentum. The Chaikin money flow score has also plunged below the 0 mark and currently trades at -0.10, indicating weakness in the market.
The relative strength index has entered into an oversold zone, suggesting a chance of reversal, but the bearish momentum is strong, and the price might witness a short-term pullback. The long-short ratio is 1.09, with 52.35% longs and 47.65% shorts, implying a higher position from sellers in the last 24 hours.
Conclusion
The market structure and price action of Klaytn are strongly bearish. Bulls need to form strong support to protect price from further downfall.
Technical Levels
Major support: $0.1085 and $0.10
Major resistance: $0.13 and $0.1480
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.